Dogecoin’s price has nearly doubled after bottoming out at $0.0491 in June 2022, amid a similar recovery across the cryptocurrency market.

On April 20, DOGE was trading as high as $0.0942, up roughly 94% from last year’s bottom. Despite the impressive rally, its price remains 88% below its all-time high of $0.76 set in May 2021. Therefore, the DOGE/USD pair remains far from forming a decisive bullish reversal on the longer time frame.

What about a bullish reversal ahead?

It has surged more than 23,000% in 2021, largely due to Elon Musk’s “massive support.” Ironically, DOGE/USD peaked after Musk called it “hustle” during a May 2021 appearance on Saturday Night Live.

The prospect of a tightening Fed, leading to actual rate cuts in 2022 and 2023, further pushed DOGE prices into a long-term bearish cycle. Additionally, the collapse of several leading crypto companies such as Terra (LUNA), Three Arrow Capital, FTX, etc., exacerbated the sell-off in DOGE.

Despite a multi-month downtrend, prices rebounded 100% in October 2022. The recovery coincided with Musk’s shaky takeover of Twitter, with hopes of making DOGE the official payment token of the social media platform.

As of April 2023, Musk has yet to add DOGE as a payment option on Twitter. However, he briefly replaced the platform’s iconic blue bird logo with a meme of Dogecoin’s official mascot, the Shiba Inu, earlier this month. The news sent DOGE up 40%.

So when the subsequent bull market comes, will Elon Musk make some moves to make Dogecoin rise? This requires everyone to look forward to and witness it together. There must be many firm holders who are more confident about this.